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Toyota profit more than doubles on cost cuts

May. 09, 2013 @ 12:00 AM

TOKYO -- Toyota's quarterly profit more than doubled to 313.9 billion yen ($3.2 billion) as cost cuts and better sales worked with a weakening yen to add momentum to the automaker's comeback.

Toyota Motor Corp., which last year reclaimed the title of world's top-selling automaker, said Wednesday it expects the strong results to continue in its new business year that ends March 2014. It projected a 1.37 trillion yen ($13.8 billion) profit, up from 962 billion yen for the year ended March 2013.

The annual earnings result was better than the average forecast of 912 billion yen ($9.2 billion) in a FactSet survey of analysts and also outdid the company's own forecast for 860 billion yen ($8.7 billion) profit. Toyota reported a 121 billion yen profit for the January-March quarter of the previous year.

A recent plunge in the yen, brought about by the economic and monetary policies of Prime Minister Shinzo Abe who took office late last year, is a boon for Japanese exporters such as Toyota because it boosts earnings from overseas. The U.S. dollar has gained about 20 percent against the yen and is now trading at nearly 100 yen.

Huntington chamber will host trade show

HUNTINGTON -- The Huntington Regional Chamber of Commerce is hosting its Business After Hours Trade Show from 5 to 7 p.m. Thursday, May 23, at the Pullman Plaza Hotel. It's free to attend for Chamber members, who are asked to RSVP by calling 304-525-5131.

The event allows guests the opportunity to network with members of the Tri-State business community attending and showcasing their companies at the event. More than 60 regional businesses will be featured.

Trade show display tables are exclusive to Chamber members. For more information about how to become a member, contact Carly Knotts, the Chamber's director of development, at 304-525-5131.

Sponsors include Frontier Communications and Mountwest Community & Technical College.

Gasoline prices up two cents in West Virginia

CHARLESTON -- West Virginia motorists are seeing slightly higher prices at the gas pump.

The Triple A's weekly fuel gauge reports a 2-cent increase in the price per gallon of gas since last week. The statewide average is $3.65 a gallon, which remains higher than the national average of $3.53.

The auto club says the statewide average is 25 cents cheaper than the same week a year ago.

In West Virginia, pump prices range from a low of $3.55 in Martinsburg to a high of $3.73 in Parkersburg and Huntington.

W.Va. workshop to offer mushroom tips

INSTITUTE, W.Va. -- West Virginia State University's Extension Service is trying to get residents involved in mushroom growing.

A new workshop series will debut this month at the School of Harmony in Beaver.

Courses will be held May 15 on shiitake mushrooms, May 29 on chicken of the woods mushrooms, and June 12 on oyster mushrooms.

Extension associate Brad Cochran says mushroom production is a great way to use recycled natural materials to grow a delicious and healthy product.

The oyster mushroom class costs $30. The others cost $20 each. Participants can register for all three workshops for a total of $60. Fees include all materials needed to produce mushrooms at home.

To register, contact Cochran at (304) 541-3301.